George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Board need to get their finger out and do something to address the constant drop in SP and reassure the market.
Worry is what can they actually do!?
Despite all the potential, next raise is going to be horrendous!
Never mind 2p or not 2p but is 1p or not 1p going to hold!!
Even though progress has been made and recent news is encouraging the reality is Cobra are cash strapped.
Rupert mentioned in his last interview they need to go to the market to raise funds sooner than later so why would anyone buy in now with a 20% spread and an inevitable raise on the horizon!?
My intention is not to de-ramp the share or dis it in anyway but the sooner they raise the funds the better.
At this rate it’s hopefully not going to be any less than 1p which is where the market seems to think it will be.
Get it done at 1p so 10% discount for mates rates and get cracking with funds in place to push Boland to production!
Need to get the placing out of the way!
Even though the company paid for video production one of the best interviews I’ve seen!
That’s more like it, grill Rupert for specifics on the project/company to gather relevant info.
It’s all about REE going forward. My original enthusiasm for Cobra was the IOCG targets but those are very much on the back burner for now which is disappointing but budget dictates what they can focus upon.
Placing very very soon obviously and at 1.2p for £1.2m dilution is going to be hefty!!
Not bad news obviously but not exactly fantastic news either.
3 years worth of drilling for an additional 68,000oz of gold?
Extrapolate out and it will potentially take another 10 years to reach their 1m oz resource!
Very considered posts Shipwreck and agree with you completely. Didn’t realise you held so many share in Cobra.
Unfortunately what I posted back in August is proving to be accurate!
Game changed when Cobra’s focus shifted to REE and not the IOCG exploration I was expecting.
This is what I posted back in August 2022….
Bitcoin, time will tell but the trend with Cobra is market cap goes up, shares in issue goes up and SP stagnates or drops year to year. Look at the trend!
How long do you think it’s going to take to prove up the REE estimate, complete feasibility studies etc?
Craig Moulton thought it would take around 2-3 years to prove up 1m oz resource and maybe 4-5 years to start mining when he was CEO. This was 2 years ago!
We’re nowhere near a 1m oz gold resource, if we’re lucky another 100-200,000oz at Clarke by year end?
That will be great! By which time we’ve run out of money. The market knows this so our SP and market cap gets punished meaning raising at a lower price.
Until Cobra can show the market what there plan is to actually dig the stuff up I don’t see fireworks here at all, far from it.
I hope I’m wrong but I’ve been invested here quite a bit longer than you have and experienced year on year the trend of having to raise for exploration. Nature of the beast but what concerns me is if the trend isn’t broken then it’s going to be a lot longer before we see any meaningful increase in our SP performance.
Not dissing Rupert or the work he’s doing just questioning my investment which I’m perfectly entitled to do!”
Since that post we’ve had the REE estimate, another raise, delayed drilling, new drilling programme announced etc and SP continues to fall.
I’m staying invested until gold resource update later this year and depending on the results of that I’ll probably bail out.
Unfortunately Cobra are taking way too long to gain any traction and still believe it would be in their best interests to leave main market and join AIM to accelerate their plans!
Wonder if they managed to drill enough to hit the 75% expenditure agreement or will we have to wait until next February/March?
I asked Ben at Vigo what his thoughts were on Shards comments regarding Andromeda. I’m sure he won’t mind me posting his reply as nothing really divulged we didn’t already know…..
Hi Richard
Good to hear from you. All well, thanks!
Not really in a position to know what Shard were trying to say there. That being said, what we can say is, once a 75% position has been achieved, there is an opportunity for both Andromeda and Cobra to determine how they might jointly wish to conduct further expenditure on the project. This will involve consideration of a number of alternatives. This process has commenced but is likely to take some time before a position is reached that is announceable so that’s all we can say at this point.
I hope you are keeping well.
Best regards
Ben
Think Hornygoatweed is referring to this in particular and curious about as am I!
“Cobra seeking to simplify structure by
switching Andromeda’s interest from project to top company level.”
From project to top company level????
Anyone care to hazard a guess what the next news will be?
Drilling commences or drilling completed?
And you’re perfectly entitled to disagree Bitcoin and I’m perfectly entitled to express my dissatisfaction with how the board have dealt with the latest placing.
No personal digs or insults needed!
You know nothing about me Bitcoin so watch what you’re insinuating.
Only morality I’m questioning at the moment is that of the board of directors who have filled their boots with a placing that could, arguably should have been done AFTER the maiden REE resource and gold resource update was completed at the end of this year and not before!
Latest RNS is embarrassing. They forgot to give a friend mates rates effectively!!
Looking at the positives, with the placing out the way there shouldn’t be anything holding us back IF the upcoming gold resource estimate is considerable and the market views the maiden REE estimate as good!
When they say fast track I hope they mean that and go straight into another round of drilling in January. We can raise up to £2.3m for next year I think so they can still do another placing middle of next year to see us through 2023.
Really really hope the board builds momentum rather than the 2 steps forward then 3 back over the last 3 years we’ve had when purely focusing on the SP performance!
Will be good to have funds in the coffers but I’m sorry the timing of the placing stinks.
Like greedy pigs with noses stuck in the trough! Try and get as many shares as possible before they’ve even started the drilling we’ve been waiting all year for culminating in an updated gold resource estimate and maiden REE estimate.
Why didn’t they wait until the results of the drilling campaign before doing a placing and resource estimates? Pretty obvious why as the board are pretty confident the SP will be considerably higher than 1.5p.
Sorry timing stinks, I’m not impressed at all!!
SP is wanting to push higher on minimal volume.
Fingers crossed news is good and encourages both existing investors to top up and new investors to come on board.
I’m hoping for at least 100,000oz to be added to JORC resource from Clark and got no idea what to expect from a maiden REE estimate!?
I might totally regret this but another £7,000 top up for me over three trades! Fingers crossed the resource upgrade year end is worth the wait!
Well found PensionPot2. Thanks for posting. An interesting and excellent article.
Thanks Rockinghorse, I appreciate your comments.
I’ve been invested in Cobra quite some time now and if other posters would care to look back to my posting history before they jumped on board they’ll realise that I’ve been a regular communicator with the board and comms team at Vigo and passing on any info I can glean with investors here.
There’s nothing wrong with posting an opinion and I hope posters who have a differing opinion can show some respect to others and allow them to express themselves freely!